The Bahamas Investor

...rn licences anticipated in the second half of 2014. The licences nominally comprise four three-year terms. The company said the requirements of the first term, which concluded on 26 April 2012, were all considerably exceeded. Under the licence renewal terms, the second term of the licence has been extended to 2016 with the requirement to start a second exploration well also extended to April 2017. As part of this renewal, the southern boundaries o......

..., who is set to travel to Panama next week, also warned that the financial community would have to make some changes to attract that market saying: “[The Latin American client] will have different concerns from what we have traditionally seen from our European clients. Be nimble, be willing to shift your operations.” He said, however, he remained optimistic about the future of the sector and confident of The Bahamas’ reputation as a global hub, sa......

...inal draft of the legislation, both panelists warned the audience not to become complacent, with Rodgers saying: “You know it is coming and you know it is not going away.” Under FATCA, Foreign Financial Institutions must register with the IRS and provide reports on all accounts held by US taxpayers or be subject to a 30 per cent withholding tax. The legislation will pass into law in January 2013, but the implementation will be phased in gradually......

...economic growth was a concern of all the panelists. With growth forecasts coming in at 1 to 3 per cent, there is concern that this will fall short of national needs. “I am worried about the ‘new normal’ and the much more competitive environment with attracting foreign investment funds,” said Michael Halkitis, a chartered financial analyst and member of the senate. “There will be big challenges going forward.” On the subject of national debt, the......

...other markets,” Hunt said. “Is there intellectual capital here that could compete with other places? You need to arbitrage the talents of the island, of the economy and the people. There are certainly areas associated with financial services that you could possibly get a leg up on other markets.” Hunt also warned companies not to search out investment unless it is necessary, saying: “If you can build your business organically, you do not want a g......

...the airline. Silver Airways will integrate all 12 of the planes into its fleet by September 2012. Each aircraft will be subject to a period of inspection and certification under US and Bahamian aviation regulations to ensure full compliance with all safety and operational requirements prior to initiating scheduled passenger service. In-service dates for the new planes are expected to be announced following the receipt of regulatory approvals. tbla......

...CEO also pledged to lower rates in the coming months, saying: “We have a commitment to review and improve on pricing where we can.” Through better customer service, a new mobile network and more efficient broadband, the company is hoping to remain competitive once the market becomes fully liberalized in 2014. Houston said BTC expects to retain “a sizeable chunk” of its market share when competitors enter the market. cboal@dupuch.com......

...ding the event, which is titled Development Co-operation, Win for All, and examines how China could invest in partnerships throughout the region. Staff at the Embassy of the People’s Republic of China present Vice Premier of the State Council of the People’s Republic of China, Wang Qishan, with flowers upon his arrival at Lynden Pindling International Airport. At centre is Ambassador Joshua Sears, Director General, Ministry of Foreign Affairs. (BI......

...vents prompted organizers to launch the online magazine, ExÎles, and its accompanying internet store, ExÎles Boutique. Once up and running next year, both are expected to feature designer arts, crafts and accessories unique to an island lifestyle. Organizers expect the online store to become a major distribution and sales outlet for the IWFS runway designs. “The state-of-the-art online store and marketing thrust offered through that medium will gi......

...leum Company Plc (BPC) has confirmed speculation that Simon Potter is to become the company’s next chief executive officer (CEO). Potter, who has over 30 years experience in the oil and gas industry with companies such as Hardman Resources and Arrow Energy International, will take over as CEO next month, following the resignation of Dr Paul Crevello earlier this year. BPC director Steve Weyel says: “The breadth and depth of Simon’s commercial and......

...ce. The next Commonwealth Heads of Government Meeting (CHOGM) will be held in Perth, Australia, 28-30 October 2011, under the theme of Building National Resilience, Building Global Resilience. scotterill@dupuch.com Finance Ministers from the Commonwealth nations pose for a group photograph in Washington DC on September 21, 2011. State Minister for Finance Zhivargo Laing is pictured front row on the left.......

...aunched last month. The campaign, spearheaded by Miami-based marketing and communications firm Grupo bt USA , hopes to increase the volume of visitors by at least 50 per cent through increased marketing. The campaign carries the slogan Bahamas, No lo has visto todo, literally translated as: The Bahamas, you haven’t seen everything. Announcing the launch of the campaign, Grupo chief executive officer Carlos Ulibarri said: “We are very excited with......

...onse,”?says BFSB chairman Paul Winder, who heads the five-person interview committee. Other committee members include Deborah Fraser, director of legal affiars at the Attorney General’s Office and private sector representatives Bruno Roberts of The Private Trust Corporation Ltd and Linda Beidler-D’ Aguilar of Graham Thompson & Co. Also sitting on the committee is the outgoing CEO, Wendy Warren. She announced her resignation just over a month ago f......

...will be able to display and sell indigenous Bahamian handicrafts. However, the prime minister did not offer a timeframe for when work would commence on this latest initiative. tblair@dupuch.com......

...n to the new retail units, BTC is introducing a range of services over the coming months to improve connectivity in The Bahamas. The company will launch its new $42.8-million 4G network in New Providence at Christmas this year, with the Family Islands coming on stream over the next 18 months. “We want to give the best technology and the best range of services we can to The Bahamas. We want to bring The Bahamas up to where it needs to be [in order]......